Page 2 - Startups

Karnataka minister rolls out 3 strategic initiatives to promote start-ups

Karnataka Higher Education and IT/BT Minister Dr CN Ashwath Narayan on Saturday rolled out three strategic initiatives aimed at promoting start-ups and innovation ecosystem in Beyond Bengaluru clusters.The three programmes launched were Mysuru Cluster Seed Fund (MCSF), Mysuru Global Technology Centre (MGTC) and Karnataka Accelerator Network (KAN).It may be noted here that Chief Minister Basavaraj Bommai while presenting the budget 2023-24 had announced these programmes to boost the IT & startup ecosystem in the state. Put together, it is estimated that MCSF and KAN will generate around Rs 200 crore and these programmes will be implemented through Karnataka Digital Economy Mission (KDEM)Mysuru Cluster with a Seed Fund of Rs 25 crores will be funding 70-80 startups which are expected to create over 1000 employment opportunities."Mysuru Global Technology Centre which will be set up in a space of 2 lakh sqft with 3000 seater capacity facilitates high-quality plug-and-play office ...

SVB collapse exposes rifts in typically chummy venture capital world

There's no clear consensus on whether to celebrate or blame VCs who told founders to pull out their money

SBI's start-up branches showing good inflow of deposits: Chairman Khara

These branches essentially offer banking services such as channelising the flow of money and maintaining bank accounts, along with forex conversion, and custodial services

Amid SVB crisis, SIDBI's FoF gets into action to support start-ups

Fund of Fund for start-ups (FFS) managed by SIDBI's venture capital arm has given money to AIFs, which are in turn supporting over 800 start-ups

Defence start-up Hyper Stealth Technologies bags first order under iDEX

Hyderabad-based HSTPL has got an order from Indian Army for Integrated Mobile Camouflage System

India trumps China in unicorn creation for second consecutive year in 2022

Companies grow despite shrinking funding, regulatory challenges and lay-offs

SoftBank management leadership team visits add weight to India market

Country accounts for 10% of Japanese investor's global AUM, the 3rd largest

One Impression raises $10 mn in series-A funding from Krafton, others

Influencer marketing platform One Impression on Wednesday said it raised USD 10 million in series-A funding round led by South Korean gaming major Krafton Inc and others. The Gurgaon-based startup claims to have helped over 500 brands, including the likes of Cetaphil, Meesho and MamaEarth, to drive growth with influencer-led initiatives. The platform transacts with thousands of creators including celebrities and nano influencers generating over 1,00,000 content pieces. In the seed funding round in January 2022, it had raised USD 1 million from angel investors such as Peeyush Bansal (founder of Lenskart), Anupam Mittal (CEO of People group), and celebrities like Olympian Neeraj Chopra, and comedian Zakir Khan, amongst others. One Impression, founded by the brother duo Apaksh Gupta and Jivesh Gupta in 2018, will utilise the money to expand its offerings, accelerate product development, and grow its presence in international markets starting with Southeast Asia and the UAE, the startup

Japanese startup tells new hires they need to know ChatGPT for job

The startup, which focuses on promoting digitizing business transactions, is confident it's on the right side of a growing divide over the use of the technology

Top headlines: FPIs seek six more mths from FinMin, 1st India chip fab soon

Business Standard brings you the top headlines at this hour

SVB collapse: Start-ups seek govt's help to bring money to India

Most of the stakeholders present in the meeting have been able to withdraw their deposits from SVB since Monday morning

Deals plunge by 60% to $1.8 billion in February on deepening funding winter

The deepening funding winter that the startups face and the near dry-up of IPOs singed the deal street as the total value of deals plunged by 60 per cent to USD 1.8 billion in February, shows an analysis. According to Grant Thornton, the industry saw just 89 deals worth USD 1.8 billion in February, which is 60 per cent lower than the year ago period in value terms and down by 54 per cent year-on-year in volume as investors continued to tread cautiously amid macroeconomic uncertainties. This is the second-lowest deal volume and the lowest value since 2014. Of the total deals, M&As saw significant downtrend both in terms of volume which fell 48 per cent to 24 deals, and by 47 per cent in value clocking at USD 755 million compared to February 2022. The IPO segment was the worst with just one issue of USD 8 million, compared to three issues raising USD 1 billion a year ago. While M&As were dominated by cross-border deals, particularly outbound transactions on the back of one ...

SVB resolution reassuring, will bring relief to startups: Ashwini Vaishnaw

Amid US administration's move to backstop collapsed Silicon Valley Bank's (SVB) despoits, IT minister Ashwini Vaishnaw has said the developments are "reassuring" and will bring relief to startups. The Biden administration in the US has announced that depositors of the failed Silicon Valley Bank will have access to their money from Monday. Federal regulators have stepped to back all SVB deposits. "SVB resolution is reassuring. (It) will bring relief to startups," Vaishnaw told PTI. US President Joe Biden on Monday sought to reassure Americans that they can have confidence that the US banking system is "safe" and vowed stricter bank regulation after a string of bank failures raised concerns about the nation's financial stability. After receiving recommendations from the boards of the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve, and consulting with the president, US Treasury Secretary Janet Yellen on Sunday approved actions enabling the FDIC to complete its ..

Where will startups turn to now that the Silicon Valley Bank is gone?

Silicon Valley Bank became the financier to tech stars by offering an array of products tailored to their needs, that few other institutions dared

Govt will take a call on who can access Indian datasets, says MoS IT

Programme will ensure Indian datasets help Indian startups and researchers build new applications; access to platform to be decided by govt

SVB crisis: CII bats for domestic financial ecosystem to support startups

With several domestic startups facing the heat due to the collapse of Silicon Valley Bank, CII President Sanjiv Bajaj on Monday said that India could look to create its own enabling financial ecosystem to support budding entrepreneurs. Talking about the startup sector, the CII President in an interview with PTI said it is an unusual sector where the normal banking parameters do not work. "It (startup sector) is a very high growth, it is very innovative, it is loss-making in the initial years. So, the normal banking parameters for lending don't really work. How do you create the right financial ecosystem in India to support startups because we are a startup nation," said Bajaj, who is also the Chairman and MD of Bajaj Finserv. Observing that India is the third largest startup ecosystem in the world, he said there is a need to encourage startups. "We have the entrepreneurial zeal, we have the technical capability and the enabling ecosystem for it, but finance is something that is ...

Startups hoping for quick resolution of SVB crisis post FDIC intervention

The joint statement from the US Treasury, Federal Reserve and Federal Deposit Insurance Corporation (FDIC) stating that depositors will have access to all of their money starting Monday, March 13 in connection with the Silicon Valley Bank (SVB) collapse has come as a relief to the startups who were exposed to the bank. Startups hope the crisis would now be resolved soon. "FDIC's communication yesterday saying all depositors will get access to their funds is a relief to the startup community, said Prabhu Ramachandran, CEO & Co-founder at Facilio, a property operations software provider. Facilio has significant exposure, as a major portion of the company's funds is with SVB. "But we expect the crisis to be resolved this week and we should get access to our funds. We have money outside SVB to cover 4-5 months of our operations. This gives us more than sufficient time for the crisis to be resolved, and for us to access our funds at SVB," Ramachandran said He added "while most SaaS

SVB Crisis: What led to the collapse of start-ups' favourite bank?

What is the Silicon Valley Bank? What led to its collapse? Will customers get their money back? How will SVB's collapse hurt start-ups? Will SVB collapse hurt Indian banks? Read to find the answers

HPS, Oaktree among firms pitching deals for trapped SVB deposits

According to the report, some are offering to buy claims on the deposits of SVB clients, including startups and publicly traded companies, at discounts of between 60 cents to 75 cents on the dollar

SVB fallout impact: Govts across globe stepping in to look for solution

Meity may meet advisory group on e-commerce and cyber laws; meanwhile US lawmakers rush to sell SVB assets and make portion of uninsured deposits available to account holders as early as Monday